Many new Medicare beneficiaries are surprised by the amount of household spending that gets gobbled up by Medicare premiums, out-of-pocket costs, and uncovered care. Those healthcare costs tend to be among the fastest - growing during a typical retirement. TSCL’s 2023 survey on the buying power of Social Security benefits found four common Medicare costs ranked among the top ten fastest-growing costs since 2000. They include prescription drugs, dental services (which are not covered by Medicare), Medicare Part B premiums, and total medical expenditures.
Results from TSCL’s Senior Survey conducted from January through May of 2023 illustrate the reality that many beneficiaries spend substantial amounts on their healthcare.
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TSCL 2023 Senior Survey, January–May. 1,815 survey participants.
TSCL’s survey found that the median amount spent on healthcare for 2022 was $4,800 for the year or less. But some survey participants had considerably higher costs than the rest — about one-in-five reported spending more than $12,828 in 2022.
How are you doing in 2023? Please take our 2023 Retirement Survey and let us know! https://seniorsleague.org/2023-retirement-survey/
